Yuga Labs – creators of the popular Bored Ape Yacht Club (BAYC) NFT collection – has unveiled its plans to cut ties with NFT marketplace OpenSea. This comes as a response to the platform’s proposed shift to an optional royalty system. On Thursday, August 17, OpenSea announced that it is changing its creator fees framework, making royalties optional for new collections after August 31, 2023. The NFT marketplace also disclosed that it would disable the Operator Filter, a feature that enforces creator royalties. According to the announcement, NFT collections that utilized the Operator Filter up until August 31 will have their creator royalties enforced till February 29, 2024, when the fees will become optional. In the blog post, OpenSea explained the rationale behind its decision, saying the Operator Filter was designed to empower creators with greater control. However, the marketplace claims that it has not received the much-needed acceptance in the web3 ecosystem. Related Reading: Shibarium Launch Saga: Block Production Resumes Despite Stuck ETH Yuga Labs Responds To OpenSea’s Decision On Friday, August 18, Yuga Labs published an open letter on X (formerly T ..
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